John Duffield also bullied fund managers into investing in sectors that were overvalued against expert opinion, it is claimed.

The tribunal heard how concerns were raised about a bubble in the property market, in which New Star was one of the biggest investors in UK. Despite these concerns, New Star continued to pour huge sums into marketing its property funds.

When the crash in the property market came in 2008, New Star had to close its International Property Fund to withdrawals. The fund manager was eventually taken over by its bankers.

New Star, now owned by Henderson, responded by questioning why Mr Evershed took three years from first speaking about his concerns over bullying to making a written complaint.

Lawyers for New Star alleged Mr Evershed was more concerned about getting rid of Mr Duffield than addressing concerns about bullying.

New Star also drew attention to the fact none of the witnesses reported evidence of bullying against Mr Evershed.